VIDEO: Newark Residential Lofts [3:41]
VIDEO: Turn-of-the-Century Architectural Gems Restored and Re-Purposed into Rental Housing in Newark
Jan 30, 2014 - Historic, turn-of-the-century buildings in downtown Newark are being restored and re-purposed into rental housing. "There's a billion dollars worth of development activity currently going on in Newark," says housing and real estate consultant Michael Meyer.
Developers appreciate the building's unique architecture and aesthetics, and are helping to create a new residential neighborhood near Broad & Market. Josh Sternberg, VP of the Fidelco Realty Group, notes: "For investors, Newark is phenomenal. ...you have a lower cost to rent than you might in some of the comparable areas."
Newark's five universities are another source of the city's dynamism. "It's one of the largest concentrations of academic institutions along the East Coast says Meyer."